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Our purpose, to enable businesses to manage most crucial resource effectively. We provide specialized HCM tailored to meet the specific and ever-changing human capital exposures facing our customers. We build value for our investors through the strength of our customers' satisfaction and by consistently producing superior operating results.

Unveiling the Top 12 Essential Features for selecting HR Software

Human Capital Management (HCM) Software stands as a beacon of innovation in the realm of HR Tech, offering an integrated solution to automate human resources operations comprehensively. Its digitalization prowess enables companies to efficiently manage the entire employee lifecycle, optimizing costs, enhancing productivity, and fostering talent attraction and retention.

In the pursuit of business success, modern enterprises are committed to aligning HR strategies with workforce enhancement. The contemporary business landscape demands robust HR Tech software to navigate the complexities of workforce management efficiently. However, the urgency to adopt HCM software sometimes leads companies to less functional, time-consuming, and expensive options.

To ensure a judicious selection, it is crucial to understand the features that add value and reinforce business operations. Here, we’ve compiled the top HCM features that every system should encompass:

12 Essential features in every HCM System

  1. Employee Management

Keeping a record of every employee from hire to retire should be manageable in one click. The feature of employee management in the system gives automated control over the entire employee lifecycle with real-time data, so they can reach their business objectives faster and even anticipate future workforce needs. 

With the help of this, businesses can create a functional employee database that enables access from anywhere when needed. A comprehensive HCM system gives real-time visibility into the functions employees are qualified for, and a data management system enables the classification of employees by functional requirements. 

By bulk importing employee documents into your database, you can create a seamless data integration system that eliminates data duplication and ensures a flawless end-use experience. Your HCM Software will also offer complete control over employee access to the self-service portal. 

  • Empower employees 
  • Organizational Chart 
  • Digital Signature 
  • Real-time data syncing 
  • Get easy access 
  • Implement security 
  • Customize Approval Flows 
  • Implement self-service 
  • Get notified

Recruitment Management

Finding potential candidates and bringing the best to your company is not an easy task, but a comprehensive HCM system can help human resources professionals streamline the entire recruitment process from job posting to onboarding. When hiring, businesses can post job openings on multiple websites and social media channels and manage external recruiters while using an applicant tracking system (ATS) to accept or reject candidates based on predetermined criteria automatically. Such software can update applicant tracking systems, aid in database management, and assist with benefits enrollment, among other functions. 

It can ensure hassle-free onboarding which helps new employees kick-start their work on the right note. Hence, it will bring back good results when the new hires align their goal with the company’s expectations. 

  • Applications tracking system 
  • Job Boards 
  • Calendar Integration 
  • Manage External Recruiters 
  • Pre-onboarding access 
  • Setup Hiring team 
  • Email Notifications 
  • Merge and duplicate detection 
  • Resume Parsing and mass import 

Leave Management

Managing leave should not be tedious anymore. With an advanced system, you can streamline all the leaves of the entire workforce and holiday management needs. Configure every form of leave policy and view comprehensive dashboards and reports to make informed decisions with our AI-powered dashboard.   

Some advanced systems can also enable managers to monitor their team’s time off and view which team members are available to work on any project, giving them full visibility into their company’s human capital.   

  • Ensure Compliance 
  • Accruals and carryovers 
  • Configurable approvals
  • Mobile app
  • Trends
  • Synchronized with payroll 

Time & Attendance Management

Tracking the workforce’s in and out timings that align with the company policy is complicated. HCM software provides scheduling functionality, attendance tracking, and compliance with staffing needs. These HCM platforms make scheduling employees across departments, locations, or projects possible. Furthermore, many applications alert employees when their schedules or inadequate staffing levels change. By utilizing electronic timesheets for payroll purposes and time tracking, smoothness is achieved during the payroll process. 

  • Shift Scheduling 
  • Bio-metric Integration 
  • Geo-tagging and Geo-fencing 
  • Automated Reports 
  • Overtime and shift allowances 
  • Instant Notifications 

Payroll Management

Managing taxes, benefit plans, payments, and calculation is not one hand –work, and it needs a lot of effort to be done without a mistake. This feature can assist in the provision of accurate financial records of employees with details of their salaries, incentives, benefits, bonuses, deductions, and net pay. Payroll software can streamline financial workflows and simplify payroll processes for the employer by automating with HCM software. 

  • Integrated Payroll 
  • Manage Income Tax 
  • Flexible Benefit Plan 
  • One-click final settlement 
  • Statutory Receipts 
  • Role-based access 
  • Forms and reports 
  • Retrospective payments 
  • Employee self-service portal 

Employee Engagement

It strengthens an organization’s connection to its workforce. An HCM solution should enable quality communication, provide timely feedback and keep employee well-being at the forefront. This creates a healthy workplace environment, increasing enthusiasm among employees to tackle responsibilities efficiently. Effective employee engagement can help employees feel valued and enjoy their job, increasing productivity at work. 

  • Survey Duration 
  • Anonymous Survey 
  • Chatbot Integration 
  • Net Promoter Score 
  • Keyword Extraction 
  • Data Filtration 

Performance Management

Evaluating employees during the interview process and throughout their employment is important for a company. An HCM software with a robust performance management system enables employers to do it easily. Such assessments can help companies determine which employees are most productive, which provide the best customer service, and so forth. 

 Automated Performance Feedback (APF) software packages can provide HR departments with accurate employee performance data. Depending on the system, HR managers may be able to view APF reports on a dashboard, or they may receive emails that contain snapshots of performance review data. 

  • Appraisal 
  • High Potential Identification 
  • 360-degree Feedback 
  • Succession Planning 
  • Career-development Plan 
  • Performance Improvement Plan 

Learning & Development

Every employee grows with or within the company. Today’s enterprises work hard to make them learn and develop their soft and hard skills. A workforce management platform can integrate with a learning management system (LMS) to provide educational content to employees. A customized LMS can be pre-loaded with educational resources and offer options to upload other materials. The LMS can also tie into external systems that manage employee certifications and keep track of these credentials for your organization. 

  • Assignments 
  • Quizzes 
  • Training Room Availability 
  • Reporting chain 
  • Skill Growth Analysis 
  • Training Catalogues 

Expense Management

Expenses are the bane of employee life and are often a source of friction with the finance department. At the same time, they’re critical to company profits and growth. With an integrated expense management system, you can make that exchange better, simpler, and more seamless. Automate your process of saving receipts and using corporate credit cards with Receipt Bank’s expense management software. Create configurable fields and scan purchase invoices and credit card statements with Receipt Bank. 

  • Expense Policies 
  • Approval Requests 
  • Tags 
  • Category Capping Limits 
  • Travel Desk 
  • Custom Rules 
  • Reports and analytics 

Off-Boarding

Exit is an important phase of your employee lifecycle. The off-boarding feature of enterprise HCM Software can ensure a smooth exit for employees, hassle-free completion of formalities, and completing a full and final settlement. Some advanced systems like SmartHCM allow employees to apply for resignations online, receive approval, complete exit surveys, conduct the tasks associated with resignation, and quickly receive exit-related documents. 

It provides an easy transition for both exit employees and the company. A resignation enables an organization to conduct an unbiased review of the resigning employee’s performance, which helps the organization evaluate its long-term goals. 

  • Configurable Exit or termination reasons 
  • Configure approval flows 
  • Create and assign tasks 
  • Exit Checklist 
  • Configurable Survey 
  • Extend Retirement 
  • Cancellation of exit request 
  • Full & final settlement 
  • Payroll Integration 

Rewards & Recognition

To provide a fantastic working experience for your employees, it is important to engage with them and also reward them. Executives who foster a collaborative approach, open-mindedness, sharing of appreciation and trust, and are visible to their employees reap the benefits of a digital workspace. Such an environment encourages innovation, boosts creative accomplishments, keeps top talent on board, and ultimately boosts overall business results. With an HCM Software which has rewards & recognition, you can implement all these strategies for a better employee experience, and that will help later in retaining them. 

  • Configure Budget 
  • Configure Awards 
  • Configure Points 
  • Reward Sharing 
  • Leaderboard 
  • Integration 
  • Nomination process 
  • Notifications and alerts 
  • Approval flows 

HR Helpdesk

You can create a convenient employee service program to reduce wait time across departments, leading to higher workforce satisfaction with this feature. A comprehensive workflow management system should always include this feature where an introverted employee can also get an opportunity to chat with the concerned person to solve their queries. 

  • Custom SLA calculation 
  • Canned responses 
  • Knowledge base 
  • Auto Escalation of tickets 
  • Raise tickets through a chatbot 
  • Custom Workflow 
  • Feedback 
  • Reports 
  • Reminders 

In conclusion, a comprehensive HCM Software transcends traditional HR services, offering a plethora of options to drive organizational development. Selecting the right system entails a thorough understanding of company and HR department needs, evaluating vendors based on functional capabilities, services, and cost considerations in the era of automation and digitalization.

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